SAUDI ARABIA — Kingdom Holding Company (KHC) has announced the sale of its interests in Four Seasons Hotel Toronto Canada for $142.5 million.
“The sale of the former Four Seasons Hotel Toronto marks another step in Kingdom’s long-term support of the brand in this key global gateway market, as we prepare for the opening later this summer of the brand’s newest flagship property, the Four Seasons Hotel and Residences Toronto,” said Sarmad Zok, chairman and CEO of Kingdom Hotel Investments and member of KHC’s Board of Directors, in a statement.
KHC holds a 47.5-per-cent stake in Four Seasons. According to Forbes magazine, Bill Gates holds a 47.5-per-cent stake through his Cascade investment firm; the remaining five per cent of the Four Seasons management company is owned by Isadore Sharp.
Four Seasons Toronto closed in March in preparation for the opening of its new location at 60 Yorkville Avenue, later this summer.